Analysis of AGMs, A Semi-New Approach

By simultaneously analyzing vocal, facial, and textual forms of communication, this study examines market reactions to the information conveyed during the Q&A portion of annual general meetings (AGMs). The findings indicate that shareholders' attention during this segment impacts market outcomes. Notably, vocal cues are found to be significant predictors of the two-day cumulative abnormal returns (CAR). Moreover, the evidence suggests that visual cues predominantly explain CAR, surpassing the influence of other forms of communication.